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LifeWork Search Predicts When Unemployment Will Reach A More Normal Level

Recruiting firm foresees a normal rate of unemployment approaching in 2015

(Westport, MA) – A recent study done by LifeWork Search, a recruiting company specializing in Supply Chain Planning, is predicting that the unemployment rate will reach 6% by the end of 2015.  The organization surveyed their network back in January and 51% of people agreed that in 5 years unemployment will reach a more “normal” rate.  LifeWork Search’s network is made up of a large percentage of supply chain planning folks - analytical mind sets who study trends and historical data on a daily basis. 

There has been debate on what the new ‘normal’ rate is”, stated Jason Breault, Managing Director of LifeWork Search.  Economists have argued that the normal rate, which used to be considered 5%, is now actually above 6% (6.7%, according to a paper released by the Federal Reserve Bank of San Francisco).  Extended unemployment benefits, mismatch of skills and needs between job seekers and potential employers, and deterioration of skills due to the length of being unemployed, are all reasons why the norm has increased”. 

Job gains will be a major factor in the decline of unemployment rate.  LifeWork Search has seen a major uptick in hiring this past year. “There have been many positive things going on.  Companies are opening their doors again.  Economic activity in the manufacturing sector grew in February for the 19th consecutive month and consumer spending, which accounts for 70 percent of U.S. economic activity, rose at a robust 4.1 percent rate in the fourth quarter of 2010”. 

With all this positive news Jason did caution that companies “need to be aware that there is a limit to how far their employees can be pushed.  Some companies are responding to the increase in demand for their products by expecting more out of their already exhausted workforce.  Luckily we have seen many companies realize that to totally embrace the increase in demand, teams need to be expanded and investments need to be made in talent acquisition.  Companies also need to be aware that their workforce is aging and will be retiring soon, more of a reason to invest now.  Openings based on these reasons will contribute to the steady decline of the unemployment rate, and by 2015 we should be back to normal”. 

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